Commonwealth Bank Home Loans

The Commonwealth Bank is one of the biggest lenders in Australia. It's this size and strength that allows it to offer a range of competitive home loan products.

The Commonwealth Bank was founded by the Australian Government in 1911. Today it has more than 800,000 shareholders and employs 52,000 staff.

The Commonwealth Bank offers the full spectrum of financial services, including a wide range of home loans. They also operate fully-owned subsidiaries such as Bankwest, offering cost-effective home loans through this brand.

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What home loans are available?

There are only a few different types of loans available in Australia. It's the lenders themselves who put their own touch on the products and customise their loans with a variety of features, discounts and specialities. The Commonwealth Bank is a lender which excels in the range of products on offer:

Standard Variable Rate Home Loan

Standard variable rate home loans are some of the most popular products in Australia, and Commonwealth Bank has put together a very competitive offer with its standard variable rate. This means you have the ability to customise your loan and enjoy features to save you time and money, such as a redraw facility, a 100% offset account, fee-free transaction account and optional credit card. This loan is available for those looking to buy a home or investment property.

No Fee Variable Rate Home Loan

If you’re more interested in the rate and not necessarily the features of the Standard Variable Rate Home Loan, the basic option from Commonwealth could warrant a look. This loan charges no up-front or ongoing fees for the entire life of the loan. It is repaid at a variable interest rate with full transparency and flexibility. There are also add-on options for you to choose from that will help you tailor the loan to your own particular needs, such as a low fee everyday account and credit card, but if these aren't of interest to you, you can stick with the basic No Fee Variable Rate Home Loan and still save.

Fixed Rate Home Loan

Commonwealth Bank can also help you budget for your home loan repayments over one to five years, seven, 10 or even 15 years with a fixed rate. You can even lock in the rate from the time you apply for your loan to the time it is approved. The Fixed Rate Home Loan from Commonwealth Bank could be suitable for a property investor, with the assurance of being able to budget into the future and plan your finances without having to worry about rising interest rates. This means you will be able to know exactly what your monthly repayments will be when you lock in your interest rate for one, five, seven, 10 or 15 years. There is an establishment fee of $600, an ongoing annual fee of $8 and a Rate Lock fee of $750 (available only for 1-5 Year Fixed Rate loans) to pay.

Viridian Line of Credit

This is an all-in-one home loan that will allow you to consolidate all your finances into the one package and put you in control of your equity. With the Viridian Line of Credit you'll be able to handle your home loan, daily transactions and savings all in the one place. If you use these features to your advantage you will be able to pay your loan off much faster because the funds from your savings and income are directly offset against your principle loan amount each day they sit in your account waiting to be used.The Viridian Line of Credit

Introductory Rate Home Loan

Buying a new home or your first investment property can be a challenging adjustment. To help make things that little bit easier Commonwealth Bank offers all new customers a low introductory rate for the first 12 months. You will have a choice of accepting the 12 month discounted variable interest rate or fixed interest rate. This loan also carries with it a six month pre-approval, so you have time to find your dream home. You'll also have the choice of either fixed or variable interest rates for security or flexibility, a loan term of up to 30 years for affordable repayments and a flexible repayment option so you can match your repayments to your income cycle.The Introductory Rate Home Loan

What features are offered?

Equity unlock. This gives you the chance to unlock all of the hard work you have put into your home to enjoy your retirement, and will ensure you don’t borrow more than the value of your home so you can avoid negative equity. The Commonwealth Bank Equity Unlock Loan is available to applicants 65 years and over.

Customise with loan add-ons. Commonwealth offer a range of add-ons which include an offset account, a fee-free credit card or a deposit guarantee to make securing your dream home easier even if you can’t provide a deposit on the spot.

Investment loan options. You can customise each Commonwealth Bank home loan to become an investment loan and choose interest-only repayments, or stick with principal and interest charges. You can also choose to pay your interest in advance to reap tax benefits sooner, and if you pay the total year's interest in advance before 30 June, you can also receive a discounted interest rate.

Find out what your repayments will be in a few seconds

How to apply for a Commonwealth Bank Home Loan

You can compare Commonwealth Bank home loans in the table above. If you find a loan you wish to apply for just hit the green 'Enquire now' button beside it. This will open up a contact form. You can enter your contact details and a mortgage broker will get in touch with you to help you apply and give you a quote. This service is completely free to you. If you click on the name of the loan or 'More info' you will be able to learn more about the specific loan.

Manage your money securely from one easy account and use those extra funds to secure a better financial future for you and your family. With the Viridian Line of Credit you have the ability to invest in any number of ventures that build upon your personal wealth.

Having the flexibility to adjust the way you pay your loan is very important. The Commonwealth Bank Economiser Home Loan gives you this flexibility while providing you with a great interest rate so you can be sure you have a great loan.

Whenever you want to add some extra comfort to your retirement, a great way to handle this situation would be to use the equity opportunity provided to you by Commonwealth. The program known under the name of Equity Unlock for Seniors will always help you in this situation and you will start seeing some major changes in your lifestyle right away.

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18 Responses

VioletOctober 1, 2015

Hi,
I am just wanting to know if Commonwealth allow a split family pledge? I have found a property I wish to buy and my parents and my parents in law would like to share the guarantee against the property, rather than putting the full amount up on their own. Is this possible? I have no other loans or credit cards, stable employment and a good credit history.
Thanks

Do lenders ever approve loans to people on disability pension, if they have 20% deposit and want to only borrow 60K, and have no other debts.The amounts to repay are very affordable, compared to the rent they currently are paying?

On this page you can read about home loans for pensioners and you can enquire with a mortgage broker discuss your needs. The broker will then be able to draw upon their panel of lenders to find one that’s likely to review your application.

Generally, a lender will review your application on a case-by-case basis but they will take into account your age, assets and debts, as well as the amount of benefit you receive, to determine whether or not you can comfortably service the loan.

You may be required to provide evidence of funds to complete the deposit, bank statements showing your pension being deposited into your bank account (normally 6 months) and a letter from Centrelink confirming the status of your pension.

I am considering purchasing a hobby farm of approx.240 ha $600000.My wife and I earn Gross $180k between us we are perm. teachers of 7-10 years.We currently have a wealth package loan for our home o/s debt $135k value of property $550k.We do not intend to run the farm as a commercial venture,we would lease the house on farm against a portion of the farm to run stock on and run 40 cattle as a hobby for ourselves. J Connors

Please note that finder.com.au is an online comparison service and is not a product issuer. If you would like to discuss your eligibility or options, please get in touch with the Commonwealth Bank directly.

You will usually need a deposit of at least 5 – 20% of the purchase price of the property. Keep in mind that this will depend on the lender and the specific loan, and also note that borrowing with a deposit of less than 20% will come with Lender’s Mortgage Insurance costs, which is a fee charged to you to cover the risk of having a smaller deposit.

In many cases, banks will still charge an application fee if you’re refinancing. This doesn’t mean you have to pay it though. Often, if you simply negotiate with your new lender, they’ll be eager to get your business by offering fee discounts, cashbacks or even lower rates.

Another good technique to try is to ask your existing lender if they can lower your rate. You lender will want to keep your business and so might drop rates to keep you from leaving, meaning you don’t have to go through the effort of finding a new loan and paying upfront fees.

Also, keep in mind that there are quite a few home loans which offer cashbacks, which you can compare here.

Hi…….we have a home loan of 251,000 and last year we fixed it for 5 years but due to unforeseen circumstances we are forced to sell it. This means we will have to break our fixed rate 4 years early. roughly how much will this cost us (i know its going to be so so much). Also are big banks willing to negotiate or are the rules set in stone?

It is possible for CBA to provide a decision on your loan within an hour if you provide enough information. It also depends on a number of factors like if you’ve already found a property that you’d like to buy.

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